Banking/Finance/Insurance

RSS

Two men with false bond certificates worth trillions of euros (dollars) tried to bluff their way into a Vatican bank in a foiled fraud plot.

North American financial executives perceived an increase in the rate of online account takeover attacks (63 percent) compared to their global counterparts (50 percent) in 2013, but the actual rate of attempted and actual wire and automated clearinghouse (ACH) fraud related to account takeover is lower in North American financial enterprises than at the global institutions, according to an ACI Worldwide survey, Strategies to Prevent Attacks on Commercial Accounts.

Late last year about 200 banks in New York took part in a cybersecurity “exam” in which they were made to respond in real time to questions about their cybersecurity policies and procedures. The test was designed to help the banks see how they compare with their peers in terms of being ready for attacks by cybergangs looking to break into their networks.

The theft of information linked to 80 million South Korean credit cards, including salaries, monthly card usage, credit rating and card numbers, has sparked widespread public concern, as cardholders rush to bank branches and overload call centers and service websites to see if their information as stolen.

The Cisco 2014 Annual Security Report reveals that threats designed to take advantage of users’ trust in systems, applications and personal networks have reached startling levels.

Nearly half of financial frauds being uncovered involve criminals trying to use someone else’s stolen personal details, Experian warns. The credit checking company says that identity theft is a “significant and rising threat,” accounting for 46 percent of financial frauds detected this year – that’s almost double the rate of cases seen in 2012 (27 percent).

The U.S. government is expanding a cybersecurity program that includes big banks, utilities and key transportation companies having emails and Web surfing scanned.

Cyberattackers have attacked South Korean banks and broadcasters, infecting networks with a malicious program that slowed or shut systems down.

FBI officials have arrested 13 people on charges that they participated in gang activity that exploited a loophole in the cash-advance kiosks to steal more than $1 million.